ICICI Securities research report on Sun Pharma
Sun Pharma (Sun)’s Q3FY24 results, after adjusting for the milestone income of USD 20mn, were in-line with our expectations. Specialty business rose a massive 23% QoQ to USD 291mn led by traction in Ilumya, Cequa and Levulan while India grew at a faster pace of 11.4%. The company is likely to file Nidlegy in Europe in H2CY24, which will likely further boost specialty sales in the near term. In India, the new MRs are helping Sun gain market share and boost volume growth while the company had launched 28 products in Q3. Management maintains its single-digit growth guidance for FY24. We broadly maintain our FY25E earnings estimate.
Outlook
We lower our rating on the stock to HOLD (Add earlier) due to pricey valuation, though raise our target price to INR 1,400 based on 27x FY26E earnings.
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